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CNBC
Oct 31, 2012 5:00am EDT
saw this last year in new york state, for example, when we got the one-two punch of hurricane irene and then the tropical storm lee. so there was quite an uptick in that sort of business. >> ted, thanks. we may catch up again to see how things have hopefully changed. >>> stick around. after the break, we'll find out how the storm could impact the election. the president is getting set to tour new jersey. stay with us for that. >>> we'll leave you with a look at how the futures are trading. the markets are reopening today on wall street. >>> welcome back to "worldwide exchange." >> here are the headlines today. >> super storm sandy leaves a massive path of devastation in its wake, and residents up and down the u.s. east coast are now starting what could be a long and costly recovery process. >> but it is back to business for the financial markets in the u.s., they're going to reopen after a few days. it may not be so easy as new york's mass transit system is still snarled. >>> plus, the force. disney has agreed to buy lucas films for $4 billion and promises a brand-new "star wars" fi
CNBC
Oct 29, 2012 6:00am EDT
hurricane irene last year, could create some serious problems in terms of getting in to the subway system, in terms of getting into the con ed steam lines and potentially the electrical system. and so even if the wind doesn't blow out power, there could be pry empty differen preemptive power outages. so that's one of the many reasons that they decided to hunger down with all the financial markets. stay home, there's money to be made later and we'll just deal with it. for now just a little bit of a breeze blowing here. that is clearly supposed to chan change. >> where do you go later? >> you have to find a pole, right? you know that that's -- every guy out in a strong breeze, you've seen -- you've got to find a pole around there, right? >> i'll look for it. there's light poles and stuff, but i think i need to get a little further away from the water. >> yeah, that would be a good idea, too. >> we'll have to get him a bungee cord. okay. let's get a little bit more on the forecast on the storm in maria larosa. >> as you mentioned, the storm has strengthened since the last advisory. up to 85
CNBC
Oct 30, 2012 5:00pm EDT
think about hurricane irene and then, of course, the leadership of mayor bloomberg, i tell you, the commissioner over at mta working with pat foy, sue barrett, the port authority, the communication has been outstanding. so even if we don't have the subway system, we've got buses. we've got backup systems in place to move our crew members out to the airport. and this is what's so good about it. the communication. it's predictable. and there's waters in the tunnels. subways aren't going to be running. we'll go to plan "b." we'll certainly work around that. this is why we're phases in our operation. >> what's the bottom line impact? stack this up versus, say, an irene. >> bottom line right now, it's going to take a week for everything to settle in. right now we're looking at $15 million to $20 million worth of revenue impact over the course of the customers right now that are displaced. some of those will be reprotected. many of those actually will be. at the end of the day, when you look at, we're an airline that burns 1.5 million gallons of fuel a day. we're not burning that over the
CNBC
Oct 29, 2012 1:00pm EDT
about 10 million people could lose power. that compares to about 7 million that lost power during irene. and it could take a week to get everybody back up and running because they won't be able to start putting things back together again until probably wednesday and it will be another five to seven days after that. big, big hit to the economy. >> paul, thank you so much. i know you're going to be with us for the next few days as we continue to work through hurricane sandy. thank you, paul. >>> all right. tyler, over to you. >> thank you, sue. hurricane sandy of course bearing down, point pleasant, new jersey. some utilities bracing for the worse. we just talk a little bit about that. warning customers that they could be out of power for a week, ten days, maybe more. what kind of damage are we talking about here and will some utilities perform better than others. greg gordon is senior managing director at isi group. mr. gordon, welcome, good to see you. can any utility that will be affected by this storm be described as a potential winner? >> no. look, these companies are regulated. they
CNBC
Oct 30, 2012 9:00am EDT
speak, and the losers because it is asymmetric, right? >>> now last year hurricane irene's initial projections were $7 billion. turned out to be $15 billion. there were a lot of ancillaries once the checks come out from the government and private insurers. stimulus to the gdp. not big enough to move the needle. this one we're getting initial projections is much bigger. the two cohorts in stocks most impacted the home depot-like places, let's call them that, they were basically moved up a day ahead of the storm and then pulled off once the market turned out to be. >> we didn't see much of that on friday in terms of home depot or at lowe's which i thought was interesting and most of the retailers have closed their books on saturday, last saturday, so the impact of the storm won't actually be seen until the following quarter or the next month when they report retail sales. lowe's is the exception. they closed books on saturday. all the runup, the generators they've sold, the batteries, the flashlights, those things were almost sold out pretty much across the board. that should be inte
CNBC
Oct 30, 2012 12:00pm EDT
flooding during irene. certainly did this time. historic event, and it will take some time to recover. >> back to you, scott. >> reynolds wolf for us from the weather channel. hurricane sandy loss estimates are as high as $10 billion, but what does this mean for the insurance stocks. let's welcome josh sterling an insurance analyst at bernstein. thanks for coming on today. >> thank you, scott. >> had an analyst on yesterday looking ahead to the storm who suggested that chub was the best physician. how would you assess who has got the best place right now in the insurance business, given the damage estimates?5zl >> well, you know, that's a great question. the truth of the matter is all will be weak for a few days. looking back in history, what happens is investors in times of uncertainty, until the companies start to report losses, generally the stocks will be weak, and, of course, you know, given this storm and given how many people who are investors and how we've been sitting at home watching television for the past couple of days, i think that sort of technical story is likely to pl
CNBC
Oct 30, 2012 4:00am EDT
out. what happens particularly with irene last year, a lot of retailers learned to cope with this a lot better. so a few years ago, they would have had trouble restocking the stores once the hurricane was over. i expect this time the likes of target, walmart, home depot have put plenty of planning in and they probably started stocking five, section days before the event so they probably will not have as much of a restocking issue. >> let's talk about the christmas season then. to what extent does the storm matter at all? now perhaps people have to spend their money for things they need because they were destroyed perhaps in the storm or whatever. so they might have less disposable income for christmas presents. does that matter at all? >> i do think again none of this is particularly positive, but i wouldn't overstate its impact either. because i think this is coming in a lull, it's during a weekday. halloween is a bit worry because it's been a wash skrout. so if you haven't sold through that stock, you've lost the opportunity. for the rest of them, i think so far if you think about
CNBC
Oct 31, 2012 6:00am EDT
dade great job too last year with irene. i think she was in north carolina. >> anyway, we'll check back in with kayla later this morning. let's also take a look at the markets. the futures are indicated higher after all the concerns that have been out there. the s&p futures up by more than 9.5 points. the dow futures are up by 65 points. not a lot of news stories that have been coming through. you've heard some earnings here and there. yesterday we had ford out early with better than expected numbers early. and there are a few other stories that have been out there, too. you guys see the ubs story? >> 10,000 jobs. >> 10,000 jobs this they were laying off. a lot of people found out when they showed up for work in london and their cards didn't work. other people found out because their e-mail kept bouncing back. that's the worst situation i've ever heard. it's not going to get nearly enough attention because of all the other things that are happening out there. >> did you see the other big merger yesterday? disney and "star wars." >> $4.1 billion. >> i almost didn't open it because the e-
CNBC
Oct 29, 2012 9:00am EDT
unnamed storms in 1878 and 1903 and then hurricane irene became a tropical storm when it hit just last year. now, hurricane irene caused roughly $15 billion in damage all across the northeast. the state of new jersey alone got $275 million in federal assistance most going to homeowners and flooding private insurers. here in cape may, commercial fishing is the big business. a billion dollars in revenue for new jersey. further up atlantic city of course we know all of those casinos, 12 flagship institutions across the boardwalk are closed and halloween parties canceled. atlantic city is lower lying. that will be a very, very big hit. the place to watch. evacuated yesterday by 4:00 p.m. and chris christie declaring a state of emergency there because of how bad conditions are supposed to get there. it's only 9:00 a.m. right now. you can see how bad it's getting. the waves are spilling up into the dunes and there is flooding in the street. there's structural damage just a couple blocks away that we'll check out. definitely a strengthening storm here on the shore of new jersey. carl? >>
CNBC
Oct 30, 2012 5:00am EDT
damage than hurricane irene did last year. new york city and especially lower manhattan saw its shares of flooding monday with water reaching record levels in some areas. and speaking of which, cnbc's bertha coombs is live for us outside the new york stock exchange this morning. thank you so much for joining us. can you tell us what conditions are like where you are and what dnlg you' damage you're seeing? >> reporter: it's actually fairly dry. last night in fact the new york stock exchange take to go twitter to dispel rumors that the trading floor was under three feet of water. if you can take a look behind me, the new york stock exchange floor is actually half a floor from the street level where those first balconies are. so for to be under water would be tremendous. we didn't have water in this part of lower manhattan despite that record surge. it was mostly over in the battery. will is significant flooding in several low lying areas especially near rivers. that's on the lower east side. we actually saw a transformer there blow because of flooding. as a result of that, con edison cu
CNBC
Oct 25, 2012 7:00pm EDT
estimates begin at a billion dollars and head north from there. based on the cost of irene at the same time last year when power was out in new england. we get the latest on the storm now from bryan norcross at the weather channel. what's the latest? >> this hurricane is in the bahamas now. and it is heading north. and the big concern, i think it's going to dominate your lives starting this weekend there in the new york city area and all of the northeast. let's take a look at this graphic here. there's the hurricane moving north through the bahamas. it bends offshore but over the weekend, it's affecting the carolinas with pretty good winds right along the coast. and then early next week, it bends in to the northeast. we have never had a storm come out of the topics and bend in like that. so the thinking is that somewhere from props the delaware bay area, south jersey area north, this is going to drive water all along the beaches. and this has the potential to cause tremendous damage along the coastline and the whole scenario we had with irene in new york city and the transportatio
CNBC
Oct 26, 2012 2:00pm EDT
and running once the storm passes by. also building on lessons from hurricane irene, the category 1 causing long-term power outages and $4.3 billion in damages. more social media to contact customers this time around and calling in reinforcement earlier. there are leaves on the tree and that could impact the power lines that run above them. >> you were talking about the insurance potential impact here. i know bob earlier on was saying some of the companies with exposure like travelers -- >> aig, all state, yes, all the usual suspects there, we put a board of them up. >> it's a shame if we weren't so broke we could bury the power lines like every other developed nation but we're too broke. how does hurricane sandy impact your prices at the gas pump? >> let's ask our cnbc contractor here. >> we're seeing a spike in diesel fuel and gas prices as we anticipated the refine capacity on the east coast will get impacted. it was just being talked about, this won't be a major storm in terms of being a category 2 or 3 where insfra trukt tour will get impacted but if we lose power or get floode
CNBC
Oct 30, 2012 2:00pm EDT
storm damage would be big than any potential lost revenue from irene or lost revenue even from this storm. i think they are just beginning to go inside their buildings, figure out what went wrong and figure out when they can reopen. as soon as thursday is a pretty good report, you guys. >> kayla tausche, stay safe. thank you very much. >>> well, the storm not just hitting the east coast, because the entire nation's air traffic system continues to face disruptions because of the disruptions to our airport. >> absolutely. we are going to ask one of the world's top airline experts to explain just how bad this is for anyone who needs to get on a plane. >>> plus, a dramatic rescue at sea and a desperate search. that is next. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant disruptions to our airport. fise from the great northwest. he'll start investing early, he'll find some good people to hel
CNBC
Oct 30, 2012 6:00pm EDT
people whose homes might go there i think contractors and i use it for my beach house redo after irene, sandy is making me go back to that one. it is a high quality luxury home furniture ipo that is growing like a weed. that is why i want you to get a piece of it. back in 2008, the combination of the recession wreaked havoc on it and the company has taken a hit. once it was private the new owners did something they never could have gotten away with. they doubled down with big ticket furniture. ritzy chandeliers and closing many of it's old stores and replacing them with free standing galleries. they are putting up pretty good numbers. the company is taking shares with the home furnishing markets. it is a smaller store base than william senoma. so the company has a lot of room to expand. restoration posted a 27.8% increase in same store sales and for the last 12 months in july they had a 29% increase. people these are bullish numbers. william senoma, these other guys aren't close to their growth rate. that is more expensive than william see gnosenoma. but i think they deserve the rate.
CNBC
Oct 3, 2012 6:00am EDT
dean is facing off against ed conard. irene rosenfeld, the ceo of mondolez international. the markets aren't to be forgotten. at 8:30 eastern time, we will be joined by jim grant. we're going to talk about the best investing strategies for the rest of the year with him. first, let's get you up to speed on this morning's headlines. over to andrew. >>> friday we'll get the government september jobs report. could be a game changer for the election. we'll get a hint of what may be to come. the employment report coming at 8:15 eastern time. poll forecasters say the economy likely added 155,000 private payroll jobs this month. we'll bring you the number and get you instant reaction from joel prakken. in corporate news, richard schultz is pressing forward with a possible $11 billion buyout of the retailer. schultz and at least four private equity firms have reportedly started examining the books of the economy. at the same time, he is said to be negotiating individually with the pe firms on the details of how his roughly 20% stake in the company would contribute and what role he migh
CNBC
Oct 31, 2012 9:00am EDT
. you look at hurricane irene, tropical storm irene, the cost to state and local governments of new york was $1.2 billion. that was for recovery and cleanup. clearly this is going to be an economic hit on us. dimensions of which we just don't know yet. >> it's interesting how it impacted with mta shut down and people unable to get into manhattan for example. lower manhattan almost deserted. certainly very few businesses operating and few businesses operating at night. how does that work its way through the economy? >> very significantly. we take for granted the extensive public transportation system we have in the new york city metropolitan area. it's the life blood to our economy. when that life blood is not pumping, it will have a serious impact. it's not just how soon will trains be running but will be repair costs? they will be significant. mta had its own financing troubles particularly with regard to that capital program. they obviously weren't anticipating the kind of damage that this storm has brought. a long-term where we're at with financing for the mta is a very unclear pictur
CNBC
Oct 29, 2012 5:00am EDT
themselves, but $45 billion worth of damage just last year for hurricane irene, several billion related to that. does it m needle from a macro point of view? >> from the top level, not really so much. obviously the damage has to be paid for and obviously that might mean infrastructure spending. so you take away from with one hand, you gain with the other. obviously different sectors will have different takes and so on. i think the thing we're thinking about at the moment is that the u.s. economy together with the global economy is very fragile. we have low growth if not recession in europe and i think the financial markets are also very fragile, not justs because they're struggling to make gains where you have the tug of war between the core fundamentals versus the central bank liquidity, but volume has been so thin all year and then we have this event which could dry up the volume further. so things are flanragile. >> and low volume means liquid markets and could see dislocations? >> if we see for whatever reason some sort of selling coming into the market with low liquidity, you could
CNBC
Oct 30, 2012 7:00pm EDT
for irene. certainly, as everyone else has said, it is a more intense and unprecedented storm to what it has done to operations, we are also bringing some of them back. >> thank you for joining us tonight. >> we have re-established on the phone, m.laroso on the phone. thank you for joining us. how long, we are asking the questions everyone else wants answers to i'm sure. >> glad to give you information. we've been able to make good progress today. we are down from our peak from under 1.4 million customers. so, more than 25% of the location that is were damaged those customers that weere interrupted were restored. we were able to restore service to newark airport. we restored service to the city of newark and elizabeth. >> the remains million people how long will they have to wait? >> i don't want to give you an exact number. we think there will be stragglers. those are the customers that have individual services down. but we plan to get most of the customers back within that seven day window. >> president obama held a conference call with you and other heads of utilities a short time
CNBC
Oct 26, 2012 1:00pm EDT
as monday. perhaps even bigger, they say, than last year's hurricane irene. with winds near 80 miles an hour, right now hurricane sandy is moving north along the eastern seaboard, already impacting portions of florida and georgia. mary thompson is tracking preparations ahead of the big storm. >> it's already been dubbed frankenstorm over the halloween horror story at lowe's. the east coast of course bracing for a storm with potential to do billions in damage. the latest update from noaa says heavy rains and flooding is forecast in the mid-atlantic states but high winds could be felt from the carolinas all the way up through new england. corporate america's prepping to serve both customers and protect its employees in light of this storm. at lowe's, a 24-hour command center tracks the storm while it shipped generators, batteries, chainsaws and other items in high demand after the storm to northeast markets expected to be impacted by sandy. as for the power provider, citi noting four with big exposure to the mid-atlantic and pennsylvania areas where the heaviest rains and flooding are
CNBC
Oct 31, 2012 4:00pm EDT
of irene. today we're seeing plays in stock names that have been around for a few days, guys ahead of the curve playing last week, take a look at a few of them, hubble makes hardware that's used on the pole lines that's maintained by utilities, that stock is up today, generac makes power generators, big with portable and standby, big play last week, 20% move, beacon roofing up last week, up again today. armstrong world makes flooring, that moved, up 6%. crawford & company provides claims insurance. so that is going to help them out. so these stocks have been around and because people underestimated the impact of the storm, big movers today. >> michael, we've heard it's business as usual for the most part there in chicago. what are you expecting to see as the week goes by? >> well i think what we're going to continue to see is what the market expected today which was liquidity and stability in the markets and also a couple levels that were key in the marketplace, one being 1397 in the s&p and more importantly 130 in the euro as we saw the dollar look to have a little weakness early
CNBC
Oct 29, 2012 12:00pm EDT
financially for the airlines. but think about irene and then go up several percentages in terms of what it might cost the industry. guys, back to you. >> phil, thanks so much. phil lebeau. more coverage of hurricane sandy when we come back from this break. again, we're waiting on president obama to make a statement on the hurricane as well. see you back in a couple minutes. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use, it's the ultimate combination of speed, small size, and low-cost printing. customer erin swenson bought from
CNBC
Oct 25, 2012 3:00pm EDT
dictate your plans? >> well, sure, it could. sandy is -- maybe it's not irene, but it's also wreaking havoc. florida looks to be out of harm's way for the most part. we'll see. >> you already had to cancel flights because of what's going on in the caribbean. >> we've done the same. obviously, let people know ahead of time. get people out of harm's way. we're prepared for next week. you assume the worst and see what happens. >> you know, between that as we watch the possible track of sandy, what happens with fuel prices, the state of the economy, the fiscal cliff, what a crazy business you're in. >> i'll tell you, bill, i think it's why i love the business so much. i mean that sincerely. there are so many variables when you look at running an airline. so not the least of which is you talk about just market caps of airlines. when you aggregate market caps, there are many individual companies worth much more than the airline industry in the united states. but these variables, mother nature, technology, cultural differences, capital. i mean, hey, listen, you better love it, otherwise get
CNBC
Oct 29, 2012 3:00pm EDT
remain closed tomorrow. a move they did not make during hurricane irene. >> sifma recommends closing u.s. government securities trading in tokyo and london as well. joining us on the phone to talk about that and more is sifma president and ceo, tim ryan. thanks for joining us here. >> thanks for being there. actually, both you, bill, and maria. >> your feeling is if they don't trade in new york, they shouldn't trade dollar-denominated currencies around the world. >> our recommendation was to close early today at noon. we chose to do it at noon principally because there were treasury auctions scheduled today. we wanted to get those finished. we recommended a close tomorrow. >> what about this cme report just moments ago that says overnight trading will happen at 7 p.m. tonight. how does that play into everything? i guess we want your take on the overall impact of a full market shutdown, like we're seeing, and what you're recommendation. >> well, remember, we recommend to our member firms, so they'll make the decision on cme on their own. typically when we make a recommendation because
CNBC
Oct 29, 2012 5:00pm EDT
they are built. simpson strong tide has a strong code does well. stock is up 40% after irene. you are right. in this type of market you go out and buying stuff you need. not stuff that would be nice to have. the retailers and malls typically doing poorly dhurg period of time. >> more on retailers later in the show. we want to talk about stock markets, hurricane sandy forcing the closure of the new york stock exchange today and tomorrow. the first two-day weather related closure since 1888. bob pisani, who is usually on the floor of the stock exchange, joins us here on set with more. now, the key here wednesday. wednesday is the big day. explain to use. >> important thing is the end of the month. normally, of course, may not be so important if it wasn't the end of the month. have you firms that mark portfolios to the end of the month. p&l determined you about the end of the month. have you some funds actually have their fiscal year closing at the end of the month. i think that all of that has a lot of pressure on the nysc. all of the major exchanges to actually open. knew understan
CNBC
Oct 2, 2012 6:00am EDT
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CNBC
Oct 30, 2012 6:00am EDT
west of the coast, at least where i was we didn't get the rain we got with irene, not even close. >> right, we were most concerned about the flooding because of the tidal action. right there, yeah, the surge, we have wonderful beaches and between dewey beach and bethany beach we had to close route 1. there are a lot of others we had to close throughout the state. the bay communities were hit hard but we've got people out looking right now. we think we escaped the worst of it. >> and total cost for delaware, any idea yet in. >> we don't know. we have people as we say looking right now, i think it will take us a little while to figure that out. certainly concerned about the 44,000 families without power but we're obviously looking forward to utility crews getting out there as soon as, once conditions permit them to be out there. they can't be in harm's way if the winds are too high. >> for your state was this not as significant or not as negative of an outcome as irene, governor? >> well, i mean i'd put it this way we have a lot of flooding and we do have 40,000 plus people without
CNBC
Oct 29, 2012 2:00pm EDT
refineries. this is similar to what we saw with irene last year. there will probably be an upward shift in the national average in the days ahead. irene last year took a similar path, knocked out similar refineries. the national average ended up increasing about 8 cents per gallon. so while the drop in demand on east coast is pretty significant, we could be looking at some longer term problems with these refineries being offline. >> john, do you agree? >> yes, i do. i think it is all going to come down to power, power, power, whether or not the frefineries can get back online, but also whether the terminals are closed that receive imports, not to mention the colonial pipeline even though they have installed generation capacity up and down the line. that will need to get restored for this more rosy scenario we are counting on. >> john, aren't we just building up stockpiles today, tomorrow, maybe wednesday and thursday? >> i do, brian. but to the extent people get back on the road and back to work, we can rip through them. we'll need to see a for-sure restart date for these refineries. ag
CNBC
Oct 31, 2012 2:00pm EDT
some people anticipated. irene, a bit of a disappointment. this one was a little bit in the other direction. can you see that in the home repair stocks that i've been emphasizing. we've been talking about roofing as a major play for a week now. a lot of early players have had significant gains but today, look at these stocks moving 6% in a day. this is a real late investors in this game, roofing repair. but i think people underestimated. how about dredging and docking companies. great lakes. this is a very interesting play that not a lot of people talked about last week. there will be a big need to dredge out a lot of those harbors. armstrong another big play, they make flooring. overall you have a somewhat weak earnings picture. en certain election next week where mr. bernanke is very much a part of the play and now you have hurricane sandy ate my homework as a possible excuse for weaker fourth quarter earnings. >>> thank you very much, bob pisani. how is the first day of trading since hurricane sandy? let's ask managing director at lessard national markets. >> it is good to be b
CNBC
Oct 31, 2012 5:00pm EDT
have an event like a hurricane sandy, hurricane irene, are we going to talk about closing the stock exchange in five years, ten years from now. are the systems going to be that good. >> let's hope we don't go through this again. it's going to become more virtual over time. it seems to be going that way now. if everybody had been ready to recode and go without a physical trading floor, they could have done it. but i think with night trading in everybody's mind, what happened there, i don't think anybody wanted to take a chance and do something without adequate testing. i think that was a big part of the slowdown and the reluctance to go back. >> i understand the reluctance to not go ahead if you haven't tested it. but i'm curious, do you think the stock exchange deserves criticism for not making sure the tests were done prior to an event like this. >> i don't think it's their fault at all. i don't think it's up to tem -- it's not their job to make other people have the systems running without the new york stock exchange. i don't think it's their fault at all. they did everything the
CNBC
Oct 15, 2012 11:00pm EDT
performance was so pathetic, i even had the ceo, irene rosenfeld on the wall of shame. but when we got wind of the breakup, i took rosenfeld off the wall and congratulated her and said you absolutely had to buy kraft because it was going much higher. that was on november 10th last year. since then if you held onto kraft you wracked up a 26% gain. that was all about people anticipating the breakup. but now that the breakup has arrived, now we have to decide what to do with the pieces. on october 1st, kraft officially split into two separate companies. if you own shares in the old kraft foods, you now find yourself owning krft, the kraft foods group that includes oscar mayer, lunch meat, as well as kraft and velveeta cheese. by the way, this can survive thermonuclear war virtually unscathed, as well as maxwell house, which is, you know, well, i think it's gastrointestinally too difficult to show. and you own shares in mondelez, truly iconic brands, oreos, chips ahoy, cadbury chocolates. so what's the next move? do we ring the register on both because the breakup catalyst has come and gon
CNBC
Oct 30, 2012 1:00pm EDT
the aftermath of irene last year and katrina, rita and prior years, five years and 50 days ago. >> sue, burt, thank you very much. we have some fresh video we want to show you right now. thank you very much. >> indeed. some breaking news. and this just came into us. it's the first aerial pictures that we have. this is in from we believe the atlantic city, new jersey, region. it was video taken from a helicopter and if you look at that flooding, it shows you just how widespread the flooding is in that part of the garden state which, of course, was one of the hardest hit states and especially, ty, as you were mentioning yesterday and we were talking about, that south central part and the storm surge was unbelievable. in some cases, up to 14 feet. as you can see there are some buildings that are partially submerged at this point. and that looks like parked next a harbor, we are just seeing this now, as you guys are certainly at home. look at the boats piled up. >> that maybe the marina right around where the borgata is on the marina, a couple of the other casinos are there and loo
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